Canoo Inc.

Good day and welcome to your Canoe third quarter 2021 earnings call. All lines have been placed on a listen-only mode and the floor will be open for your questions and comments following the presentation. At this time, it is my pleasure to turn the floor over to Kamal Hamed, Vice President of Investor Relations. The floor is yours.

Welcome to Canoe's quarterly earnings conference call. My name is Kamal Hamed and I'm the VP of Investor Relations at Canoe. Today I have with me investor, chairman, and CEO, Tony Acola, Senior Vice President and Interim CFO, Renato Giger, and Senior Vice President of Finance and Chief Accounting Officer, Ramesh Murthy. Tony will provide an update on the progress we have made since our last call. Renato and Ramesh will then review our financial results for the quarter and turn it back to Tony, who will provide closing remarks. We will then open up the call for questions. Please be advised that we may make forward-looking statements based on current expectations. These are subject to significant risks and uncertainties, and our actual results may differ materially. For a discussion of those factors that could affect our future financial results and business, please refer to the disclosure in today's earnings release and on our most recent Form 10Q and 10K and reports that we may file on Form 8K of the SEC. All of our statements are made as of today and are based on information currently available to us. Except as required by law, we assume no obligation to update any such statements. During this call, we'll discuss non-GAAP financial measures. You can find the reconciliation of these non-GAAP financial measures to GAAP financial measures in today's earnings release, which can be found on the IR section of our website.

With that, I'll turn the call over to Tony. Thank you, Kamal. Thank you, everyone, for joining us today. Before discussing the third quarter, I want to take a quick look back at what we've accomplished so far. We first took ownership of the past, and then we focused on the present and the future. We assembled a qualified seasoned board with public company experience and continue to strengthen the management team. We refined our strategy and go to market and were the first EV SPAC to rationalize our plan. No good deed goes unpunished. And as we discussed in our Q4 2020 earnings call, we are now seeing some of our peers adjust their guidance. As part of our refounding, we instituted public company discipline. and refined our strategy to focus on maximizing return on capital and creating long-term shareholder value. These included expanding our TAN to an estimated 4.4 million vehicles by developing three new derivatives on our multi-purpose platform design. Targeting monetization touchpoints to reach multiple owners across the vehicle lifecycle via upfitting, customization, and over-the-air services and more. Designing our proprietary asset management software platform which will enable CUNY customers to manage all vehicles in their household with easy access to our ecosystem of service providers and exiting low to no return on capital businesses, and prioritizing investments in our own IP. We have grown our IP portfolio by 144% to over 127 pending or registered patents since the beginning of the year. Increase focused on design, ADAS, and chassis. We will continue to prioritize IP that drives shareholder value. Our team has grown by 87% since the beginning of the year. We now have approximately 700 employees and 100 contractors and have strengthened core areas including engineering, powertrain, ADAS, business functions, FP&A, customer journey, and IT. We diversified our footprint beyond California by adding locations in Texas and Michigan, opening up additional labor pools at a lower cost. You've heard me say it before. Our discipline is big news or no news. We completed more than 500,000 miles of beta testing and validation, and our next big milestone will be getting gamma vehicles into the hands of our potential customers. We selected Prior Oklahoma as the site of our own facility and secured up to $300 million in non-diluted incentives, and just recently announced that we selected Panasonic, a pioneer and world-class battery manufacturer, as our battery supply partner. I would like to personally thank Alan Schwan the president of Pena, for his leadership and the entire Panasonic team for their support. We assessed numerous suppliers and selected Panasonic because they are the best. They have an unquestionable track record with billions of cells on the road today for Tesla. In our view, Panasonic operates one of the fastest, safest, lines and they are serious about their commitment to being environmentally friendly. Selecting Panasonic enabled us to deliver enhanced safety and lower cost of ownership to our customers. Earlier this year, we selected Oklahoma as the location for our own manufacturing facility. Today we are excited to announce that we have expanded this partnership to include Arkansas and additional locations in Oklahoma. Our corporate headquarters will be relocated to Bentonville along with an advanced manufacturing industrialized facility, technology hubs in Tulsa and Fayetteville to support R&D in electronics, powertrain, battery, vehicle engineering, and testing, a software development center in Tulsa and a customer support and finance center in Oklahoma City. California will maintain its current focus on engineering and vehicle design. Combined, these facilities are expected to employ as many as 1,200 people, providing high education and jobs in the region. Now, with these final pieces in place, We will now focus on completing definitive agreements with each state, which will include approximately 100 million in additional non-diluted financial incentives, making the total approximately 400 million. With these agreements, we are targeting approximately 100 million in vehicle orders with the states and universities where we are locating these facilities. I'd like to thank Governor Stitt and Governor Hutchinson and their teams for their support and commitment in championing advanced manufacturing jobs and high-tech innovation opportunities in their states. Their forward thinking will create high-tech jobs in their states for the new EV economy. I am also honored to announce that we will be partnering with the George Kaiser and the George Kaiser Family Foundation to help in their transformation of Tulsa into a vibrant and inclusive economy while helping us with recruiting, education, and diversity of our workforce. Our thanks also extends to other great families, organizations, tribal nations, and local governments in the region who share and support our vision. In light of our expanded partnership with Arkansas and Oklahoma, we are now able to accelerate our advanced manufacturing industrialization facility in the U.S. ahead of VDL Medcar, addressing growing demand for the LV delivery and the LV, which will avoid a 25% tariff on cargo vans imported into the U.S., putting us ahead of schedule. create a direct link between our prior factory and our industrialization facility and produce the LVD and other LV variants on the same production line. We will accelerate our advanced manufacturing production in the U.S. to begin before Q4 2022. Given these advancements, By the end of November, we will reprioritize our relationship with VDL Medcar. We have been focused on reducing execution risk as Europe and the Netherlands are still struggling with pandemic inflation, shipping, and taxation. As for our progress towards production, we have engineering design is complete and sourced for our LV Gamma builds. And here is a sneak peek at what we are doing in the United States with one of our partners. Please navigate to the webcast landing page and access the video link toward the bottom left of the page. We will pause briefly while you watch the video. As you can see, the progress on gamma, which is our last step prior to production, and we're excited to get vehicles into the hands of our customers. And now for our financial results. Renato.